Ally Financial to price three-part notes offer in Thursday drive-by

By Paul A. Harris

Portland Ore., May 14 – Ally Financial Inc. plan to price a to-be-determined amount of senior notes (/BB+/BB+) in three tranches on Thursday, according to a market source.

The deal is coming in tranches of fixed-rate notes and floating-rate notes due May 21, 2018 and fixed-rate notes due May 19, 2022.

Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co. and Morgan Stanley & Co. LLC are the joint bookrunners for the public offering, which is being run on the investment-grade syndicate desk.

Proceeds will be used to fund tender offers for the company’s 8% senior guaranteed notes due 2020, its 7½% senior guaranteed notes due 2020, its 8% senior notes due 2031, its 5½% senior guaranteed notes due 2017 and its 6¼% senior guaranteed notes due 2017.

Ally is a Charlotte, N.C.-based automotive financial services company.

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